Embracing Disruption

Pet health market: progressing at a fast pace

The global pet care market is constantly growing

The growth drivers

Sales share shifting in favour of pet health products5

Pets’ longevity is enhanced by:

  1. human-like healthcare
  2. a better diet/shift to premium food
  3. more frequent vet visits/routine check-ups, driving the growth of vet services market...
… with more pet parents inclined to increase their vet expenses

According to our GRASSROOTS RESEARCH® findings for the US,8 69% of pet owners would increase their veterinarian expenses if it were necessary to extend their pet's life.

Rising implementation of digital diagnostics:

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faster and more efficient clinical decision-making;

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holistic view of diagnostics for a more accurate interpretation of results and determination of next steps

With increasing longevity of pets, the demand for drugs, vaccines and supplements that address special nutritional needs and preventive care requirements of (senior/geriatric) pets is rising.

The economic effects of changing pet medication

Global evolution of pet ownership and the rising medicalisation of pets9

Room for improvement opens up investment opportunities

Implications for investors

dog with veterinarian

Lower development costs and shorter development times for vaccines:

- Increasing understanding by pet parents that vaccines are important for maintaining animal health, and to prevent zoonoses transfers from pets (rabies is estimated to cause 59,000 human deaths annually in over 150 countries12)

Transition from treating pet diseases to preventing them could drive the growth of preventive care and the digitalisation of clinical treatments

1 APPA, 2022.
2 Global Market Insights, November 2022.
3 China’s Pet Industry, PWC China, 2022 Update.
4 Global Market Insights: Veterinary Services Market, June 2022.
5 HealthforAnimals: Global State of Pet Care, July 2022.
6 Science.org: A dog that lives 300 years? Solving the mysteries of aging in our pets. December, 2015.
7 Global Market Insights: Veterinary Services Market, June 2022.
8 Survey of pet owners in the US 2018.
9 Credit Suisse, October 2018.
10 National Library of Medicine: Familiarity and Use of Veterinary Services by US Resident Dog and Cat Owners. March, 2020.
11 2021 PDSA Animal Wellbeing (PAW) Report. May, 2021.
12 World Health Organization.

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